Loans

Financial Aid

The first step in seeking any financial aid assistance, including loans, is to complete the FAFSA, Free Applications for Federal Student Aid. The earlier in the year that you complete the FAFSA, the sooner you will be notified of what types of financial aid for which you qualify. That information will be helpful in making sure you have all your funding sources in place when it is time to register for classes.

Student loans are a type of financial aid and require that you complete the FAFSA (Free Application for Federal Student Aid). Direct Loans are low-interest federal loans to students attending at least half-time (6 credits) to help pay for their college education. These loans are borrowed money and must be repaid with interest after the student graduates or drops below half-time enrollment.

There are two types of Direct Loans:

Subsidized - If you meet certain financial need (results of the FAFSA) criteria, the federal government will pay the interest on your loan while you attend school at least half-time and during the times when you qualify for an authorized deferment.

Unsubsidized - If you do not meet the financial need criteria to qualify for a subsidized loan, you may be eligible for the unsubsidized loan. For this loan, the federal government does not pay the interest on your loan. You are responsible for paying the interest. You can pay the interest while you are in school and during grace periods and deferment or forbearance periods, or you can allow it to accrue and be capitalized (that is, added to the principal amount of your loan). If you choose not to pay the interest as it accrues, this will increase the total amount you have to repay because you will be charged interest on a higher principal amount.

Failure to repay a student loan jeopardizes your future eligibility for financial aid and also impacts your credit worthiness for any future borrowing, including car loans, home mortgages or other consumer loans.

Apply and be admitted to Schoolcraft College in a valid program of study (Invalid programs include: Non-Degree Seeking, Undecided, and Guest). For most students, especially students who are new to Schoolcraft College and the college experience, you will only need to complete the general online Application for Admission (hyper link to application).

Once you have received an email from the Office of Financial Aid advising you of your Pell grant eligibility (if qualified), review your financial aid package to determine if a federal loan is necessary for you to complete your program.

For each semester you want a student loan, submit the Loan Request Form to the Office of Financial Aid. The Loan Request Form can be found in our office or online in the forms section.

All loan requests require a recent (within the past 7 days) copy of your current Financial Aid Review from National Student Loan Data System - NSLDSsubmitted with the request form. If you have never had a federal student loan before, it will indicate that there is no record of you. Submit that results page with your request form.

If you have any questions, contact the Office of Financial Aid.Phone: 734-462-4433
Email: finaid@schoolcraft.edu

AND have attempted fewer than 90 credit hours, including Schoolcraft credits and those transferred in.
*Completion Rate is calculated by dividing the number of credits completed by the number attempted. For example, if a student registers for 12 credit hours, withdraws from 4 credits and passes the other 8 credit hours, their completion rate would be

8/12= .66 (66%).

Remain in a valid program of study

Invalid programs include: Non-Degree Seeking, Undecided, and Guest

Programs can be updated in the Registration Center.

Maintain at least 6 credit hours

In order to qualify for federal student loans, students must be in at least 6 credits hours each semester they are receiving a loan.

Always check with the Office of Financial Aid before dropping or withdrawing from a class.

Attend your classes

Instructors are required to report attendance to the Office of Financial Aid to meet federal requirements. If you are reported as not attending one or more of your courses, your federal aid may be reduced or declined. You will be responsible for any balance to the college this adjustment causes.

Loan Reduction or Cancellation

Student loans may be re-calculated at any time based on certain situations. Some of these situations (not all inclusive) are:

Understanding the repayment process for your federal student loans can go a long way toward building a solid financial foundation.

Remember, federal student loans are real loans, just like car loans or mortgages. You must repay a student loan even if your financial circumstances become difficult. Your student loans cannot be canceled because you didn’t get the education or job you expected, or because you didn’t complete your education (unless you couldn’t complete your education because your school closed).

The Charles E. Schell Foundation is providing students with loans that will be awarded to qualified students to aid them in securing a practical education that, without this loan, probably would not be attainable. Repayment of this loan will ensure assistance for other students to continue their education.